Platinum Jewellery Demand to Stay High
Industry body has forecast 23% growth for the year as metal turns .₹ 4,000 cheaper than gold
Kolkata: Retail sales growth of platinum jewellery in 2016 is expected to keep pace with the rapid expansion seen last year as platinum has turned .₹ 4,000 per 10 gm cheaper than gold.
Platinum Guild International (PGI) on Thursday, in its third annual retail barometer report, forecast 23% growth while its strategic partners such as Orra, Joyalukkas, Ishwarlal Harjivandas Jewellers and Senco Gold & Diamonds projected 25% growth during the year.
In 2015, retail sales of platinum jewellery went up 24% over that in the previous year.
Vasihali Banerjee, country manager India at PGI said: “Platinum has seen an excellent growth of 24% despite it being a challeng- ing year. In 2016, we are expecting 23% growth, though retailers are pegging growth at 25%. The month-long strike in March in gold trade may affect the growth.”
On Thursday, platinum was priced at .₹ 2,450 per gram while gold was selling at .₹ 2,850 per gram.
In 2015, studded platinum jewellery accounted for 53% of the sales Growing interest due to: Growing consumer acceptance Increasing distribution
International Findings: Low price created buying opportunity for more consumers Better margin opportunities for retailers US market grew 10% growth. The research for the annual retail barometer was conducted by a third-party agency, Stratwon Business Consulting, between January and February 2016. It covered 21 more retail companies with nearly 310 retail outlets in platinum markets across India.
Banerjee said a price drop in platinum is helping Indian consu- Successful branded programs
mers upgrade from 18-carat studded gold jewellery to platinum jewellery. Suvankar Sen, executive director of Senco Gold & Diamonds said platinum jewellery sales have grown over 25% across the company’s stores. “Rings are the fastest moving categories in platinum, followed by earrings and pendant sets.”